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{\info {\author .}{\company .}{\title .}{\creatim\yr2024\mo12\dy1\hr19\min16}}
\deflang1033\plain\fs24
{\footer\pard\qc\plain\f0\fs24\chpgn\par}
{
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\clbrdrt\brdrw10\brdrs\cellx9588\clbrdrt\brdrw10\brdrs\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(1)}\cell \pard\intbl\qc {(2)}\cell \pard\intbl\qc {(3)}\cell \pard\intbl\qc {(4)}\cell \pard\intbl\qc {(5)}\cell \pard\intbl\qc {(6)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP}\cell \pard\intbl\qc {TFP}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\clbrdrt\brdrw10\brdrs\cellx9588\clbrdrt\brdrw10\brdrs\cellx11244\pard\intbl\ql {L.IM}\cell \pard\intbl\qc {0.014{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(21.47)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.017{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.009{\super ***}}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(9.89)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(14.75)}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnage}\cell \pard\intbl\qc {0.006{\super **}}\cell \pard\intbl\qc {0.006{\super **}}\cell \pard\intbl\qc {0.263{\super ***}}\cell \pard\intbl\qc {0.261{\super ***}}\cell \pard\intbl\qc {0.097{\super ***}}\cell \pard\intbl\qc {0.097{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(2.06)}\cell \pard\intbl\qc {(2.10)}\cell \pard\intbl\qc {(20.65)}\cell \pard\intbl\qc {(20.56)}\cell \pard\intbl\qc {(58.90)}\cell \pard\intbl\qc {(58.89)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnage2}\cell \pard\intbl\qc {-0.004{\super ***}}\cell \pard\intbl\qc {-0.004{\super ***}}\cell \pard\intbl\qc {-0.053{\super ***}}\cell \pard\intbl\qc {-0.053{\super ***}}\cell \pard\intbl\qc {-0.021{\super ***}}\cell \pard\intbl\qc {-0.021{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(-5.46)}\cell \pard\intbl\qc {(-5.51)}\cell \pard\intbl\qc {(-16.18)}\cell \pard\intbl\qc {(-16.14)}\cell \pard\intbl\qc {(-49.72)}\cell \pard\intbl\qc {(-49.72)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnemployee}\cell \pard\intbl\qc {-0.014{\super ***}}\cell \pard\intbl\qc {-0.014{\super ***}}\cell \pard\intbl\qc {-0.004}\cell \pard\intbl\qc {-0.004}\cell \pard\intbl\qc {-0.006{\super ***}}\cell \pard\intbl\qc {-0.006{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(-16.53)}\cell \pard\intbl\qc {(-16.55)}\cell \pard\intbl\qc {(-1.26)}\cell \pard\intbl\qc {(-1.26)}\cell \pard\intbl\qc {(-8.73)}\cell \pard\intbl\qc {(-8.74)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnimv_firm}\cell \pard\intbl\qc {0.002{\super ***}}\cell \pard\intbl\qc {0.002{\super ***}}\cell \pard\intbl\qc {0.001{\super ***}}\cell \pard\intbl\qc {0.001{\super ***}}\cell \pard\intbl\qc {0.001{\super ***}}\cell \pard\intbl\qc {0.001{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(15.15)}\cell \pard\intbl\qc {(15.17)}\cell \pard\intbl\qc {(2.81)}\cell \pard\intbl\qc {(2.71)}\cell \pard\intbl\qc {(16.43)}\cell \pard\intbl\qc {(16.55)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lngdp}\cell \pard\intbl\qc {0.035{\super ***}}\cell \pard\intbl\qc {0.035{\super ***}}\cell \pard\intbl\qc {0.047{\super ***}}\cell \pard\intbl\qc {0.047{\super ***}}\cell \pard\intbl\qc {0.051{\super ***}}\cell \pard\intbl\qc {0.051{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(9.12)}\cell \pard\intbl\qc {(9.09)}\cell \pard\intbl\qc {(3.30)}\cell \pard\intbl\qc {(3.26)}\cell \pard\intbl\qc {(13.02)}\cell \pard\intbl\qc {(13.02)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lnpeople}\cell \pard\intbl\qc {-0.018{\super ***}}\cell \pard\intbl\qc {-0.018{\super ***}}\cell \pard\intbl\qc {-0.035{\super ***}}\cell \pard\intbl\qc {-0.036{\super ***}}\cell \pard\intbl\qc {-0.018{\super ***}}\cell \pard\intbl\qc {-0.018{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(-5.74)}\cell \pard\intbl\qc {(-5.79)}\cell \pard\intbl\qc {(-3.80)}\cell \pard\intbl\qc {(-3.88)}\cell \pard\intbl\qc {(-5.47)}\cell \pard\intbl\qc {(-5.44)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {lncitywage}\cell \pard\intbl\qc {0.018{\super ***}}\cell \pard\intbl\qc {0.018{\super ***}}\cell \pard\intbl\qc {0.042{\super ***}}\cell \pard\intbl\qc {0.042{\super ***}}\cell \pard\intbl\qc {0.006{\super **}}\cell \pard\intbl\qc {0.006{\super **}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(7.35)}\cell \pard\intbl\qc {(7.38)}\cell \pard\intbl\qc {(4.34)}\cell \pard\intbl\qc {(4.34)}\cell \pard\intbl\qc {(2.04)}\cell \pard\intbl\qc {(2.03)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {cpi}\cell \pard\intbl\qc {0.000{\super ***}}\cell \pard\intbl\qc {0.000{\super ***}}\cell \pard\intbl\qc {-0.000}\cell \pard\intbl\qc {-0.000}\cell \pard\intbl\qc {0.000}\cell \pard\intbl\qc {0.000}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(7.08)}\cell \pard\intbl\qc {(7.10)}\cell \pard\intbl\qc {(-0.15)}\cell \pard\intbl\qc {(-0.12)}\cell \pard\intbl\qc {(.)}\cell \pard\intbl\qc {(.)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {HHI}\cell \pard\intbl\qc {0.028}\cell \pard\intbl\qc {0.029}\cell \pard\intbl\qc {-0.059}\cell \pard\intbl\qc {-0.059}\cell \pard\intbl\qc {0.030}\cell \pard\intbl\qc {0.030}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(1.07)}\cell \pard\intbl\qc {(1.09)}\cell \pard\intbl\qc {(-0.71)}\cell \pard\intbl\qc {(-0.71)}\cell \pard\intbl\qc {(1.40)}\cell \pard\intbl\qc {(1.40)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {indemployeeshare}\cell \pard\intbl\qc {2.763{\super ***}}\cell \pard\intbl\qc {2.728{\super ***}}\cell \pard\intbl\qc {8.660{\super ***}}\cell \pard\intbl\qc {8.482{\super ***}}\cell \pard\intbl\qc {0.925{\super ***}}\cell \pard\intbl\qc {0.922{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(17.28)}\cell \pard\intbl\qc {(17.05)}\cell \pard\intbl\qc {(14.62)}\cell \pard\intbl\qc {(14.31)}\cell \pard\intbl\qc {(6.07)}\cell \pard\intbl\qc {(6.05)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {indsoeshare}\cell \pard\intbl\qc {-0.019{\super ***}}\cell \pard\intbl\qc {-0.019{\super ***}}\cell \pard\intbl\qc {0.239{\super ***}}\cell \pard\intbl\qc {0.226{\super ***}}\cell \pard\intbl\qc {-0.020{\super **}}\cell \pard\intbl\qc {-0.020{\super **}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(-2.96)}\cell \pard\intbl\qc {(-3.08)}\cell \pard\intbl\qc {(6.22)}\cell \pard\intbl\qc {(5.86)}\cell \pard\intbl\qc {(-2.41)}\cell \pard\intbl\qc {(-2.44)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {indfoeshare}\cell \pard\intbl\qc {0.003}\cell \pard\intbl\qc {0.003}\cell \pard\intbl\qc {0.164{\super ***}}\cell \pard\intbl\qc {0.158{\super ***}}\cell \pard\intbl\qc {0.006}\cell \pard\intbl\qc {0.006}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(0.64)}\cell \pard\intbl\qc {(0.51)}\cell \pard\intbl\qc {(9.34)}\cell \pard\intbl\qc {(9.01)}\cell \pard\intbl\qc {(0.97)}\cell \pard\intbl\qc {(0.95)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {L.Intensive_IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.013{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(17.18)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {Intensive_IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.012{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.009{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(7.59)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(13.58)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {L.Extensive_IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.011{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(11.49)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {Extensive_IM}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.011{\super ***}}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {0.003{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(6.83)}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {(3.21)}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {_cons}\cell \pard\intbl\qc {1.109{\super ***}}\cell \pard\intbl\qc {1.111{\super ***}}\cell \pard\intbl\qc {0.462{\super *}}\cell \pard\intbl\qc {0.494{\super *}}\cell \pard\intbl\qc {0.833{\super ***}}\cell \pard\intbl\qc {0.833{\super ***}}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrb\brdrw10\brdrs\cellx1308\clbrdrb\brdrw10\brdrs\cellx2964\clbrdrb\brdrw10\brdrs\cellx4620\clbrdrb\brdrw10\brdrs\cellx6276\clbrdrb\brdrw10\brdrs\cellx7932\clbrdrb\brdrw10\brdrs\cellx9588\clbrdrb\brdrw10\brdrs\cellx11244\pard\intbl\ql {}\cell \pard\intbl\qc {(17.13)}\cell \pard\intbl\qc {(17.17)}\cell \pard\intbl\qc {(1.83)}\cell \pard\intbl\qc {(1.95)}\cell \pard\intbl\qc {(12.16)}\cell \pard\intbl\qc {(12.15)}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrt\brdrw10\brdrs\cellx1308\clbrdrt\brdrw10\brdrs\cellx2964\clbrdrt\brdrw10\brdrs\cellx4620\clbrdrt\brdrw10\brdrs\cellx6276\clbrdrt\brdrw10\brdrs\cellx7932\clbrdrt\brdrw10\brdrs\cellx9588\clbrdrt\brdrw10\brdrs\cellx11244\pard\intbl\ql {{\i N}}\cell \pard\intbl\qc {1637663}\cell \pard\intbl\qc {1637663}\cell \pard\intbl\qc {116223}\cell \pard\intbl\qc {116223}\cell \pard\intbl\qc {2434520}\cell \pard\intbl\qc {2434520}\cell\row}
{\trowd\trgaph108\trleft-108\cellx1308\cellx2964\cellx4620\cellx6276\cellx7932\cellx9588\cellx11244\pard\intbl\ql {adj. {\i R}{\super 2}}\cell \pard\intbl\qc {0.777}\cell \pard\intbl\qc {0.777}\cell \pard\intbl\qc {0.754}\cell \pard\intbl\qc {0.754}\cell \pard\intbl\qc {0.784}\cell \pard\intbl\qc {0.784}\cell\row}
{\trowd\trgaph108\trleft-108\clbrdrb\brdrw10\brdrs\cellx1308\clbrdrb\brdrw10\brdrs\cellx2964\clbrdrb\brdrw10\brdrs\cellx4620\clbrdrb\brdrw10\brdrs\cellx6276\clbrdrb\brdrw10\brdrs\cellx7932\clbrdrb\brdrw10\brdrs\cellx9588\clbrdrb\brdrw10\brdrs\cellx11244\pard\intbl\ql {year}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell \pard\intbl\qc {}\cell\row}
{\pard\ql\fs20 {\i t} statistics in parentheses\par}
{\pard\ql\fs20 {\super *} {\i p} < 0.1, {\super **} {\i p} < 0.05, {\super ***} {\i p} < 0.01\par}
}
{\pard \par}
}
